Corporate resolutions are formal actions and decisions of a corporate, approved by the Board of Directors and occasionally Shareholders. Such resolutions are necessity during numerous situations, for covering of specific transactions. These resolutions are in the form of legal documents, voted at the meeting of Board of Directors or by the shareholders.
The resolution can also be termed as Corporate Actions, which exerts same legally binding effect as an action taken during a duly called meeting. If it deemed necessary and permitted by bylaws and state laws, the directors of board can use a written document for waving formal notice of a meeting and unanimously consent to a resolution.
The resolution can be on any subject such as, General Resolution, Resolution Approving Sale of Assets, authorizing Annual Dividend, Authorizing Appointment of Lawyer, Accountant, Authorizing Bonus, Authorizing Bonus, Authorizing Benefits Plans, Authoring Stock options, Authorizing expenses and so on.
Below given Shareholders’ Resolution for Adoption of Pension Plan template can guide you while drafting and making your own Board’s Resolutions:
Shareholders’ Resolution for Adoption of Pension Plan
Pursuant to a duly made, seconded, and unanimously adopted motion, the shareholders of_______________(hereinafter referred to as Corporation) adopted the following resolution:
WHEREAS the establishment of an Employee Pension Plan was authorized by the Board of Directors of said Corporation, it is hereby:
RESOLVED that the Employee Pension Plan approved by the Board of Directors in its resolution dated on____________, 20___ be and hereby is adopted.
The undersigned_____________, certifies that he or she is the duly appointed Secretary of____________ Corporation and that the above is a true and correct copy of a resolution duly adopted at a meeting of the directors thereof, convened and held in accordance with applicable law and the Bylaws of said Corporation on________, 20____, and that such resolution is now in full force and effect.
IN WITNESS THEREOF, I have affixed my name as Secretary of______________ Corporation and have attached the seal of____________ Corporation to this resolution.
Dated:__________________
Secretary_______________
Seal___________________